First Tech Federal Credit Union currently has a little over 650,000 members and controls nearly $15 billion in total assets. This credit union, founded in Oregon in 1952 by employees of Tektronix and Hewlett-Packard, was created to meet the specific needs of people who worked in the technology sector and their families. 

Today, membership with this credit union is open to many technology employees in the state of Oregon. Plus, there are also ways for those who do not meet employment or geographical requirements to join. If you’re wondering whether you should become a member of this credit union and open a CD account, you can find the answers in this article.

Certificates of Deposit

First Tech offers both traditional and Bump Up certificates of deposit with regular and jumbo versions of each. We’ll cover both.

Standard CDs

Standard Share Certificates are available in term lengths of 6 to 60 months. These require an opening deposit and a minimum balance of at least $500 for regular CDs and $50,000 for jumbo CDs. Both of these are pretty average for credit union certificates. Your rate is determined by your term length and not by your balance. See the current interest rates below.

Regular and Jumbo Standard CD Rates

	Regular	Jumbo
Term	APY
6 months	0.40%	0.45%
12 months	0.60%	0.65%
24 months	0.80%	0.80%
36 months	0.95%	1.00%
60 months	1.15%	1.20%

To put these yields into perspective, the national average for a 6 month CD is 0.10%, for a 1 year CD is 0.17%, for a 2 year CD is 0.22%, and for a 5 year CD is 0.32%, according to FDIC data. These rates have been creeping up in the past few months after reaching some record lows.

That said, many online banks and credit unions are offering more competitive interest rates on CD accounts. Synchrony Bank is paying up to 2.25% and PenFed Credit Union up to 2.75%.

Jumbo is a little better but still does not compete with the top accounts, especially considering the balance required. Note that there are also not as many term options with First Tech as there are with many other banks and credit unions.

Compound Interest

Interest is compounded and credited monthly back into your account. If you wish to withdraw dividends as a source of regular income, you can do so without incurring an early withdrawal penalty by indicating that you would like to cash interest out and linking an account for this.

Early Withdrawal Fees

Otherwise, if you remove funds before your account matures, you will be subject to the following early withdrawal fees: 

• Early withdrawal from an account that has been open for less than six days will incur a penalty equal to seven days’ interest
• Early withdrawal from a term of one year or less will incur the Federal Reserve Board Regulation D penalty, which is currently no penalty
• Early withdrawal from a term of between one and two years will incur a penalty equal to 180 days’ interest
• Early withdrawal from a term of greater than two years will incur a penalty equal to 270 days’ interest.

Except for the 12-month penalty, these are fairly standard. To avoid these fees, make changes or withdrawals during the grace period of 10 days. This starts immediately after your account matures. 

All share certificates automatically renew at the same term when they reach maturity. If you do not wish to renew your account, make a request to the credit union either prior to the maturity date or during the grace period. You will receive 30 days’ notice when your account is about to mature.

Funding Your Account

To fund this account, you can: 

• Schedule an internal transfer from a checking or savings account
• Schedule an external ACH transfer from another checking or savings account
• Link a direct deposit source
• Send a paper check to: 

PO Box 2100

Beaverton, OR 97075-2100

. There is no limit to how much you can deposit into a certificate.

All traditional and bump up CD accounts are federally insured by the NCUA up to $250,000 per depositor.

Bump Up CDs

Bump Up CDs are available in term lengths of 13 to 36 months. These also require a minimum deposit of $500 for the regular accounts and $50,000 for jumbo accounts.

Bump Up CD Rates

	Regular	Jumbo
Term	APY
13 months	0.55%	0.60%
24 months	0.75%	0.80%
36 months	0.90%	0.95%

As a bump-rate certificate, this account gives you more flexibility to make changes than a traditional CD. You have the option to make between one and three additional deposits into the account after opening. 

How many bump ups and deposits you’re permitted to make depends on your term length. If your term is less than 24 months (13 months), you are allowed one of each. If your term is greater than or equal to 24 months (24 or 36 months), you are allowed to make one rate adjustment and one deposit every 12 months until maturity. By bumping up your rate, you can take advantage of rate increases that occur after you open an account and lock into the new rate until your next bump up or maturity. 

These rate adjustments and deposits do not cost you anything and have no impact on your term length. Nothing happens if you don’t exercise these options, but you’ll be earning a lower interest rate than you would with a standard CD.

Consumer Sentiment & Reviews

Customer sentiment for First Tech Federal Credit Union is on the low end of average. There are a lot of consumers out there with valid complaints, and these don’t seem to be specific to a certain product category. People are reporting negative experiences with personal loans, credit cards, savings accounts, and more. 

Poor customer service, high fees, and issues applying for accounts and products are common themes. Many compare the customer experience with First Tech with the customer experience you’d be likely to receive with a big bank.

But of course, there are also many happy customers who are maybe a little less vocal. They have had positive relationships with First Tech for years and say that the credit union is easy to work with and customer care is helpful and quick to resolve issues. It seems to really depend 

There are over 30 different First Tech Federal Credit Union branch locations in eight different U.S. States. These are:

• California
• Colorado
• Georgia
• Idaho
• Massachusetts
• Oregon 
• Texas
• Washington

In addition, First Tech is part of a network of 5,600 co-op branches shared with other credit unions that you can visit to manage your accounts. As a member, you will be able to use more than 30,000 ATMs within the First Tech co-op network without paying transaction fees. To find a branch or ATM near you, use this link.

The First Tech Federal Credit Union app performs really well, especially for a financial app. It has a rating of 4.7 out of 5 stars in Google Play with over 10,000 reviews and 4.7 out of 5 stars in the App Store with over 35,000 reviews. 

This is a pretty standard banking app in terms of the functionalities and interface, but it runs smoothly for most people.

To get in touch with customer service, you have a few options. You can call the general inquiries line at 855-855-8805 any day, any time. This 24/7 phone line can help with any question you may have. You can also log into your account and send a secure message through the online portal if you don’t mind waiting for a bit for a response. And if you live near a branch, you can always walk in or schedule an appointment to speak with a banker. Virtual appointments are also available if this isn’t an option for you.

How to Become a Member

There are four different ways to qualify for membership with First Tech Federal Credit Union. The first is to be married, related to, or living with someone who is already a member. 

The second is to be related to or yourself be employed by a partner company or the State of Oregon. These are not limited to technology corporations, though there are many of these on the list. Schools, retail businesses, and nonprofits are also included. For example, employees of the Bill & Melinda Gates Foundation can join. You can see a complete list of partner or sponsor companies here.

The third way to be eligible is by working–for any company–or living in Lane County, Oregon. If you can provide proof of employment or residence, you’re in.

The fourth and final way, if none of the above work for you, is to become a member of the Computer History Museum or Financial Fitness Association. Both of these organizations offer membership to the general public. Don’t worry if you don’t live anywhere near these places. You can apply online. 

The Computer History Museum, located in Mountain View, California, offers annual membership for as low as $15. You can choose how much to pay. The Financial Fitness Association is a nonprofit that supports members in learning about money management to improve their financial well-being. Membership is just $8 for one year. As long as you remain a member with one of these organizations, you can continue using First Tech Federal products.

If you’re not sure if you qualify, you can always call customer service for help with your application.

You can submit an application online using this link or in person at any branch location. You’ll be asked the standard personal and security questions before verifying your identity. The process should not take more than five minutes and most users don’t have any issues getting set up. 

Then, you will be required to open a Membership Savings account and deposit at least $5 to become a member. This account earns an interest rate of 0.05% on all balances and charges no monthly maintenance fee.

Final Thoughts

First Tech Federal Credit Union CDs are not bad and anyone can become a member, making this a good option if you want to join an established credit union and start saving. Though the interest rates could be better, the deposit minimums and early withdrawal penalties are pretty low, so you might find these certificates to be more accessible than others.

That said, this credit union isn’t perfect. Keep shopping around if you’re after the best interest rates, you don’t want to join a credit union, you’re wary of negative reviews, or you don’t see the type of CD or term length you’re looking for. Check out our other CD reviews to find what you’re looking for.

📍 Update May 2022: Marcus by Goldman Sachs has raised their CD rates again this month for all terms greater than 12 months. The rate increases ranged from between 0.10% and 0.40% APY. See all rates below.

You’ve likely heard of Goldman Sachs, the global investment services firm that’s been around since 1869 and has over $2.1 trillion in assets under management, but you might not be as familiar with their digital subsidiary, Marcus.

Marcus by Goldman Sachs is an online-only, FDIC-insured bank offering savers an online savings account, and 9 regular CDs with terms ranging from 6 months to 6 years and 2 promotional CDs. All deposits come with a low minimum deposit requirement of just $500 and are FDIC insured up to $250,000 per depositor.

Named after Goldman Sachs pioneer Marcus Goldman and founded in 2016, this bank regularly offers yields comfortably above the national average on both their fixed and variable rate deposit accounts.

To find out more about Marcus and their CD Rates and savings account, continue reading our review below.

Marcus CD Rates + Account Details

Marcus offers 11 CD terms to choose from. All are standard terms except the “No-Penalty CD” which comes with a 7 month term and an APY of 0.45% and the 10 month promotional CD going on through the end of May 2022, which yields 1.10% APY.

CD Rates

CD Term	APY
6 month	0.50%
7 month No-Penalty CD	0.45%
9 month	0.60%
11 month No-Penalty CD	0.35%
12 month	1.30%
13 month No-Penalty CD	0.75%
18 month	1.65%
2 year	2.00%
3 year	2.20%
4 year	2.20%
5 year	2.55%
6 year	2.55%

To put the offers above in perspective, the current national average for 12 month CDs and 60 months CDs sit at just 0.17% APY and 0.32% APY, respectively, according to recent FDIC data.

No- Penalty CDs

Marcus by Goldman Sachs currently offers 3 No-Penalty CDs with terms of 7 months, 11 months and 13 months.

The no-penalty CD is much more flexible than your standard certificate as it comes with no early withdrawal penalty.

You’ll earn the fixed interest rate for the duration of your CD, but you can withdraw up to 100% of the funds as soon as 7 days after issuance penalty-free. This is the only difference between a high-yield and no-penalty Marcus certificate as far as terms and conditions.

CD Account Details

Interest is compounded daily and credited monthly to your certificate account, or you can withdraw it as you please. You can have all interest automatically reinvested, all interest withdrawn, or some withdrawn and some reinvested—you can make any changes over the course of the term.

A $500 minimum opening deposit and average daily balance is required to earn interest on a certificate account.

Marcus CDs are backed by a 10-day Rate Guarantee, which promises the highest published interest rate and APY Marcus has to offer on your term for 10 days after certificate issuance. Essentially, you’ll get the highest rate on your account as possible for a short time—you aren’t locked into a rate until that 10-day period is up. To ensure that this safety net is enforced, just make sure you have the $500 minimum deposited in the account within this time period.

There is a 10 day grace period within which you should try to make any changes or withdrawals after a CD renews. If you don’t and you find yourself needing to withdraw funds from a high-yield CD (not a no-penalty CD!) after this, the fees are assessed as follows:

• For terms of less than 1 year, you’ll be charged 90 days’ simple interest
• for terms of 1 – 5 years, you’ll be charged 270 days’ simple interest
• for terms more than five years, you’ll be charged 365 days’ simple interest.

Other Deposit Accounts

The only other deposit account Marcus Bank offers is their online savings account. It also comes with a very respectable APY.

Marcus Bank Online Savings Account

Min Deposit	APY
$0	0.60%

To put this yield into perspective, the national average for savings and money market accounts sits at just 0.06% and 0.08%, respectively.

The $0 minimum deposit and daily active balance requirements make the account widely available to all income groups.

To earn the noteworthy APY you just have to fund your account within 60 days of opening it and maintain a positive balance after that.

There are four different ways you can make a deposit into this savings account.

You can:

• 1. link your savings account to an external bank account and transfer funds (Marcus won’t charge fees for this, but your other bank might),
• 2. set up direct deposit payments from your payroll or Social Security,
• 3. send a domestic wire transfer, or
• 4. mail a check to this address – Goldman Sachs Bank USA P.O. Box 4571 Carol Stream, IL 60197-4571

Once you’ve opened the account, you can move funds about via:

• Wire transfer
• Electronic transfer

Interest on the Marcus savings account is compounded daily and credited monthly.

Per the standard and federally-enforced limit, you can make up to six transactions from a savings account per month for free. There is no excessive withdrawal fee, but you won’t be allowed to go over this limit. These accounts do not come with hidden monthly maintenance fees. 

Marcus does not offer a debit or ATM card for its savings accounts at this time, so you’ll have to have your funds transferred to another account if you wish to withdraw them. Use the savings calculator to find out how much your money will grow if you don’t touch it.

Founded in 1934 by a group of California school employees, SchoolsFirst Federal Credit Union is a credit union for educators and their families. SchoolsFirst FCU is the fifth largest credit union in the United States and the largest in the state of California, controlling more than $25 billion in assets and serving over one million members. On average, members save more than $482 annually by choosing this credit union.

Membership is restricted by employment and geography. If you want to join this credit union, find out here how to become a member and if the CDs are worth it in this article.

Certificates of Deposit

Certificates of deposit, CDs, or share certificates (for credit unions) with SchoolsFirst FCU can be opened with a deposit of just $500. These accounts are federally insured by the NCUA up to $250,000 per account, per depositor.

The interest rate for this product is dependent on both the balance of your account and the length of your term. Longer terms and higher balances will earn a higher interest rate than shorter terms and lower balances. 

Take a look at the current rates available in the table below or on their website.

 CD Rates

Term	$500 – $19,999	$20k – $49,999	$50k – $99,999	$100k+
30 days	0.05%	0.20%	0.25%	0.30%
3-5 months	0.35%	0.40%	0.45%	0.50%
6-11 months	0.40%	0.45%	0.50%	0.55%
12-17 months	0.65%	0.70%	0.75%	0.80%
18-23 months	0.70%	0.75%	0.80%	0.85%
24-35 months	0.75%	0.80%	0.85%	0.90%
36-47 months	0.95%	1.01%	1.05%	1.10%
48-59 months	1.20%	1.25%	1.30%	1.35%
60 months	1.45%	1.50%	1.55%	1.60%

Right now, the national average rate for a 6 month CD is 0.10%, for a 12 month CD is 0.17%, for a 24 month CD is 0.22%, and for a 60 month CD is 0.32%, according to recent FDIC data. But the rates from SchoolsFirst FCU aren’t especially competitive compared to other online banks and credit unions.

Jumbo certificates, classified as those with balances greater than $100,000 earn the highest rates albeit not by much. As interest rates continue to rise, this may become more pronounced.

You can fund this account via payroll direct deposit, ACH bank transfer, internal transfer from a savings or checking account, or check payment mailed to:

SchoolsFirst FCU

P.O. Box 11547

Santa Ana, CA 92711-1547

Compounding Interest

Interest is compounded daily and can be credited back into the certificate monthly for maximum earnings or paid out regularly to a separate account. You can link a Regular Share Savings or Share Draft Checking account to receive dividend payments or opt to receive this via check in the mail.

Grace Period and Early Withdrawal Penalties

When your account reaches maturity, it will automatically renew at the same term you applied for. The grace period is ten calendar days. During this time, you can withdraw funds from your account or make changes to your certificate without incurring the following early withdrawal penalties: 

• Early withdrawal from any account within six days of opening it will cost you seven days’ interest
• Early withdrawal from a term of 30 days or less will incur a penalty equal to 30 days’ interest
• Early withdrawal from a term of between 30 days and 18 months will incur a penalty equal to 90 days’ interest
• Early withdrawal from a term of greater than 18 months will incur a penalty equal to 180 days’ interest

This fee can be waived one time for exceptional circumstances such as the death of the account holder.

You may use the balance in your Share CD as collateral for a Certificate-Secured loan. The certificate will continue earning interest while you have the loan unless the funds are needed for repayment. These loans have lower interest rates and are easier to qualify for than other personal loans. The interest rate is equal to 2.5% above the rate on your Share Certificate, which is significantly lower than even the lowest rate you can qualify for with the standard personal loan.

College Saver Share certificate

SchoolsFirst also offers a 12-Month College Saver Share certificate. This account requires a minimum opening deposit and balance to earn interest of $200. The interest rate for this account is equal to the interest rate for a standard 12 month Share Certificate, which is currently 0.75% APY, regardless of the balance.

These CDs are available to members under the age of 18 who are part of the Junior Varsity or Varsity Clubs. One per person. When the account holder turns 18, the certificate will automatically convert to a standard CD when it matures or to a Share Savings account if the balance is less than $500. 

Unlike a standard CD, members are permitted to make deposits of at least $25 into this account at any time. The same early withdrawal penalties apply for 12-Month College Saver Share certificates. There must be at least one parent or legal guardian as a joint owner for this account, who is required to sign off on any withdrawals or changes.

Besides the College Saver certificate, SchoolsFirst FCU only offers standard CD accounts at this time. If you’re looking for a flexible, bump-rate, or no-penalty certificate, you’re going to have to go elsewhere.

Consumer Reviews

SchoolsFirst FCU does really well in customer review platforms, especially for a credit union. Many customers praise the low fees and appreciate the variety of specialized options for teachers from loans to Summer Saver and Paycheck Planner savings accounts. SchoolsFirst is also known for having prompt and helpful customer service representatives and welcoming staff members. 

Especially if you live near a branch location and plan to do some of your banking in person, you can expect excellent, personal support and an overall positive experience with this credit union. There are very few reviews that state otherwise.

The online platform is user-friendly and easy to navigate, so you can do as much of your banking digitally as you want. The mobile app could be better. It currently has a rating of 4.6 out of 5 stars on Google Play but only 3.2 out of 5 stars in the App Store. For Android users, the app is fine if nothing particularly special, and it’s pretty reliable and convenient to use. For Apple users, the app is not always responsive and different functionalities are difficult to use or prone to glitches.

There are 69 SchoolsFirst FCU branch locations across California including in major cities like Santa Ana, Anaheim, Long Beach, and more. This credit union has more than 28,000 in-network ATMs (including co-op ATMs) across the country that members can use without paying a surcharge. Use this ATM/Branch Locator to find a location near you.

To get in touch with customer support if you don’t want to visit a branch, you have a lot of options. You can call the member contact center at 800-462-8328 between 7 am and 7 pm Monday through Friday and 9 am and 3 pm on Saturday or the TellerPhone for your everyday banking needs at 800-540-4546 or 714-258-4100. TellerPhone is available 24/7 and it is an automated phone service.

Alternatively, you can log into your account and send a secure message if your question or concern is not urgent. This may take a few business days. For faster responses, use the chat function on the SchoolsFirst FCU website. This is available between 7 am and 7 pm Monday through Friday and 9 am and 3 pm on Saturday. 

How to Become a Member

You are eligible to join this credit union if you are a current or retired school employee, including teaching staff and administrative staff. You are also eligible to join if you meet one of the following criteria: 

• You are related or married to someone who is a member of SchoolsFirst FCU
• You work at a company that serves schools or districts of California
• You are a college student who is going to school for a teaching degree and required to student teach

As a specialty credit union for educators, a lot of people aren’t going to qualify for membership and there is no workaround for this (like becoming a member of a nonprofit).

If you qualify to become a member, you can complete the application in person or online. You will need to provide proof of employment or enrollment (if you’re in college) and open a Share Savings account with a deposit of at least $5. 

This savings account will establish your membership with SchoolsFirst. It earns an interest rate of 0.05% on balances over $5 and there is no monthly fee. Unlimited withdrawals are permitted.

If you are under the age of 18 and applying for membership, you will complete a Junior Varsity and Varsity membership application. You will need to make a deposit of at least $5 to establish membership and $25 if you’re opening a checking account. Youth membership is required to qualify for SchoolsFirst 12-Month College Savers share certificates.

Once you successfully join, you’re a member for life even if you retire, change professions, or move to a different state or area.

Final Thoughts

SchoolsFirst FCU is a credit union for people who are tired of working with big banks and looking for a more personal experience. If you qualify for membership, you will receive great customer service whether you are banking in person or online. There are CD accounts for both short- and long-term savings goals and even an option for college students.

Overall, we recommend SchoolsFirst FCU to people who value working with credit unions and are looking for CDs with above-average rates and many terms to choose from. But if finding the best rates is your bottom line, check out the other CDs we’ve reviewed to find one that’s a better fit.

[Update May 2022: Sallie Mae raised the rates on their longer term CDs as well as their 12 month CD which is now their most competitive offer at 1.0% APY. CDs with terms 18 months and longer saw their yields increase by between 0.05% and 0.40% with the largest increase coming from the 60 month CD which now has an APY of 1.20%, up from 0.80% APY last month. See all current rates below.]

Sallie Mae has become a household name as the largest originator of student loans in the country.

Founded in 1972 as the Student Loan Marketing Association, Sallie Mae operated with government sponsorship by handling both federal and private sector loans.

Some may remember their Federal Stafford and Federal Perkins loans coming from Sallie Mae. However, Sallie Mae started the path of incorporation as a private company during the 90s and completed it in 2004, severing their operation from the government.

Today, their product suite covers a large range of financial services from private education loans and college savings programs to banking services and insurance programs.

In this review, we’ll focus on the savings side of Sallie Mae Bank. Sallie Mae is a member of the Federal Deposit Insurance Corporation and currently offers several types of FDIC-insured savings accounts for a variety of needs: the SmartyPig savings account, certificates of deposit, money market, and high-yield savings accounts are all on the menu with Sallie Mae.

Please note the SmartyPig savings account will not be covered here. Use the link above to read more about that account.

Sallie Mae CD Rates + Account Details

If you’re looking to lock-in an interest rate, a certificate of deposit may be the way to go.

Sallie Mae was named as one of the best banks for certificates for deposit in 2020 by GOBankingRates.

Although their CD rates have been more competitive in the past, they still feature returns that beat the national average(s) for their respective terms by decent margins.

Term	Minimum Deposit	APY
6 months	$2,500	0.30%
9 months	$2,500	0.30%
11 months	$2,500	0.30%
12 months	$2,500	1.00%
13 months	$2,500	0.45%
15 months	$2,500	0.45%
18 months	$2,500	0.80%
24 months	$2,500	1.00%
30 months	$2,500	0.90%
36 months	$2,500	1.00%
60 months	$2,500	1.20%

To put Sallie Mae’s CD rates (above) in perspective, the current national average for a 12 month CD sits at 0.17% APY and the current average for a 5 year CD sits at 0.32% APY according to recent FDIC data.

As you can see from the table, there is a wide range of terms to choose from but the current yields don’t vary much by term.

Grace Period

Upon the maturity of your Sallie Mae CD, you’ll have a 10 calendar day grace period during which you can withdraw funds from your CD account without penalty. If no action is taken within the 10 day grace period, the funds will automatically renew into the same CD with its current rate.

Locking-In CD Rates

The interest rate and APY will be determined on the date you fund the CD account, not the date you open the account. However, you will receive the higher interest rate of the date your account opened or was funded if the first deposit occurs within ten days from the opening date.

Once your interest rate is set and fixed, you will be paid this rate until maturity. Interest is compounded daily and credited to your account monthly.

The interest begins to accrue on the same business day if the deposit is received before 11:00 PM ET. If the deposit occurs after 11:00 PM ET on a business day or non-business day, the deposit is considered received on the next business day.

Early Withdrawal Penalties

If your CD account has a maturity of 12 months or less, the penalty is equal to 90 days of simple interest on the amount withdrawn. If the CD account has a maturity greater than 12 months, the penalty will equal 180 days of simple interest on the amount withdrawn.

In circumstances such as death or incompetence of the account holder, the law may permit an early withdrawal penalty waiver.

Money Market Rate + Account Details

Sallie Mae’s money market account is similar to their SmartyPig account but with a few more features. For example, you can write checks from the money market account plus earn a slightly higher rate.

Unlike Sallie Mae’s CDs there are no minimum deposit requirements to open a money market account. The APY you receive applies to all balances as well, which is different from most money market accounts that tie yields to balances.

Money Market Rates

Monthly Balance	Minimum Deposit	APY
$0	$0	0.65%

To put the APY (above) in perspective, the current national average for a money market account sits at roughly 0.08% APY. On top of the respectable yield, the lack of both minimum deposit and monthly balance requirements make this an attractive account. Keep in mind money market rates are variable and can change at any time without notice.

Transaction Limitations

You may deposit or withdraw money via:

• Check,
• EFT, or
• Wire Transfer.

There is a maximum of 6 transfers or withdrawals (a combination of either) during any calendar month or statement cycle per Federal Regulation D. Please note that if using your Sallie Mae money market account to repay loans at Sallie Mae, there is no limit in the number of transfers you may make.

Sallie Mae Fee Schedule

• Check Order Charge (for orders placed after account opening; orders placed at the time of account opening are free): $5
• Stop Payment Charge: $15
• Returned Check Fee: $5
• Insufficient Funds (NSF) Fee: $19
• Wire Fee: $20 (United States only). Please note that the receiving bank may charge a wire fee on their end. Sallie Mae will not allow international wire transfers.

High Yield Savings Account Rate + Details

The high yield savings account is similar to the SmartyPig and money market account in that it has no minimum balance/deposit requirements or monthly maintenance fees.

The rate is slightly lower than the money market account, but still handily beats the current national average for FDIC-insured online savings accounts.

High Yield Savings Rate

Monthly Balance	Minimum Deposit	APY
$0	$0	0.55%

Rates are compounded daily and credited to your account monthly. As with the money market account the APY is variable and subject to change at any time without notice.

Transaction Limitations

You may withdrawal or deposit money via:

• Check,
• EFT, or
• Wire Transfer

The same 6 transaction limitation applies to the high yield savings account. This applies to both withdrawals and deposits (a combination of either) per federal regulation.

Fees

• Returned Check Fee: $5
• Wire Fee: $20 (United States only). Please note that the receiving bank may charge a wire fee on their end. Sallie Mae will not allow international wire transfers.

Banking Experience and Customer Sentiment

Sallie Mae has just one physical location in Utah, which is their headquarters. So if you value in-person banking this institution likely isn’t for you.

That said, if you value respectable rates and low maintenance accounts that can be managed 100 percent digitally then Sallie Mae deserves your consideration. Their rates are regularly among the top online offers available and their accounts have received a number of awards from third party sites.

According to user reviews on both Android and iOS apps, Sallie Mae’s app experience ranges from mediocre to comfortably above average (especially as far as banking apps go).

They receive just 3.6 starts on Android, but an impressive 4.6 stars on the App Store.

Sallie Mae’s SmartyPig account has a separate app and also receives high marks.